Utah Code 31A-22-632. Report to policy holder
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(1) An insurer shall provide the policyholder a monthly report if an accident and health rider or supplemental benefit is:
Terms Used In Utah Code 31A-22-632
- Insurance: includes :(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Policy: includes a service contract issued by:
(150)(b)(i) a motor club under Chapter 11, Motor Clubs;(150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and(150)(b)(iii) a corporation licensed under:(150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or(150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301- Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
- Rider: means an endorsement to:
(173)(a) an insurance policy; or(173)(b) an insurance certificate. See Utah Code 31A-1-301(1)(a) funded through a life insurance vehicle by acceleration of the death benefit; and(1)(b) in benefit payment status.(2) The report required by Subsection (1) shall include:(2)(a) any rider or supplemental benefits paid out during the month;(2)(b) an explanation of any changes in the policy due to rider or supplemental benefits being paid out such as:(2)(b)(i) death benefits; or(2)(b)(ii) cash values; and(2)(c) the amount of the rider or supplemental benefits existing or remaining.